Avoid This Common Mistake When Selling Your Home
As your local experts in Downers Grove real estate, we've seen it time and again. Setting your home's price too high can spell trouble. It might seem like a good strategy for negotiation or boosting profit, but in reality, it often backfires.
According to Realtor.com, nearly 20% of sellers end up having to reduce their price to make a sale. That's one in five homeowners. You definitely don't want to fall into that category. Here’s why starting with the right price matters, and how to steer clear of overpricing pitfalls.
Overpricing Pushes Buyers Away
In today's market, where mortgage rates and home prices are already stretching budgets, buyers are more cautious than ever. If your home is priced too high, potential buyers won’t see it as a negotiating opportunity. They might simply move on to the next listing. The National Association of Realtors warns that overpricing can drive away serious buyers, reducing the chances of showings and offers.
The Longer Your Home Sits, the More Doubts Arise
An overpriced home tends to linger on the market longer, raising concerns among buyers. They might wonder if there’s a hidden issue with the property or if you're difficult to work with. Even if the only problem is the price, prolonged listing times can create skepticism. As U.S. News points out, homes that start with an unrealistic price often struggle to attract interest, even after price cuts are made.
Finding the Right Price
The key to avoiding these pitfalls is simple. Partner with a local real estate agent who understands the market intricately and will provide honest pricing advice. You need more than someone who agrees with any number you suggest. A knowledgeable agent uses current market data that is based on actual sales in your area to recommend a competitive price that catches attention, attracts serious buyers, and ensures you walk away with a great return.
Bottom Line: Work With The Glover Team
Instead of risking overpricing and missing out on potential buyers, collaborate with The Glover Team. We specialize in setting the right price from the start, ensuring your home stands out in the market and sells efficiently. And remember, if the price isn’t compelling, it’s not selling. Let’s team up to make sure your home hits the market with the perfect price, gets the attention it deserves, and gets sold.
Ready to get started? Contact us today to discuss your selling goals and let us guide you through a successful home selling journey in Downers Grove.
